Betsy Cohen’s FinTech Acquisition V and eToro Group Ltd, a social investing network, formally announced today that they have mutually agreed to terminate their merger agreement, effective immediately. The news was expected after reports surfaced late last week that the deal would be called off.
Initially announced in March 2021, the merger was conditioned on the satisfaction of certain closing conditions. Despite the parties’ best efforts, the conditions were not satisfied within the time frame and the parties were unable to complete the transaction by the June 30 deadline, according to a press release.
Neither party will be required to pay a termination fee.
The companies originally said in March that they had expected to close the deal in the third quarter, valuing eToro at $10.4 billion.
Several news outlets reported today that eToro is laying off as many as 100 employees. Read more.
